Which of the following statements is/are true regarding Accounting Standard 16 (AS 16) on borrowing costs? I. AS 16 mandates that all costs associated with the owner's equity and preference capital should be capitalized along with borrowing costs. II. The standard focuses exclusively on costs incurred for borrowing and does not apply to the actual cost of owner's equity. III. Borrowing costs should be capitalized only when associated with the acquisition, construction, or production of a qualifying asset. IV. Income generated from the temporary investment of specific borrowed funds must be deducted from the borrowing costs incurred before capitalization.

Accounting Standards in India are issued by which of the following bodies?

Consider the following statements regarding the applicability of Accounting Standards in India: I. All companies registered under the Companies Act, 2013, excluding private companies, are obligated to comply with accounting standards. II. Entities listed on Indian stock exchanges are legally obligated to comply with specific accounting standards prescribed by SEBI. III. Insurance companies must comply with relevant accounting principles and guidelines issued by IRDAI. IV. Banking and financial institutions in India adhere to accounting standards and RBI regulatory guidelines. Which of the statements given above are correct?